After months of uncertainty, Clear Capital has come to an agreement with the Truckee Tahoe Airport District on lease terms for a building to be constructed at the airport in Truckee.
Clear Capital announced in November that it would be moving a substantial number of its employees to a Reno office in the spring with the remainder of the employees to follow when their current lease expires in August 2016. With a total of 222 employees, Clear Capital is one of the largest employers in the Truckee-Tahoe area although 40% of its employees currently reside in Reno. The company estimates contributing $150 million to the local economy. Town Manager Tony Lashbrook said, “Clear Capital has contributed greatly to the economic diversification of Truckee.” Kevin Marshall, president of Clear Capital, said the company will continue to look for available space in Truckee.
In early February the Truckee Tahoe Airport District approved construction and lease agreements with Clear Capital for an office building on airport property with a rental rate of $1.27 per square foot per month. Clear Capital signed the agreements on February 17th. Marshall said this action will allow the company to keep 100 to 125 jobs in the area.
On Wednesday, February 25th, in a unanimous vote, the Airport District board of directors approved a total building cost of $4.1 million along with an allocation of $1.61 million from its reserves to begin work on the project. The remaining $2.48 million will come from its 2015-2016 reserves. The building includes 10,840 square feet for Clear Capital and an additional 1,800 square feet for other tenants. While meeting the needs of Clear Capital, the additional space for other tenants improves the rate of return for Truckee Tahoe Airport District.
The Sierra Sun has published a series of articles on this topic. Click on one or all of the following links for more information.
• Truckee’s Clear Capital moving some operations, jobs to Reno
• Clear Capital given OK to land at Truckee Tahoe Airport
• Clear Capital signs lease with Truckee airport; 100-125 jobs to stay local
• Truckee airport ups price tag to $4.1 million on Clear Capital building
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